Bank of India has announced an enticing festive offer on two impactful schemes- Farm Mechanization and Krishi Vahaan – set to run until 31st March 2024. These initiatives aim to tackle a major challenge faced by farmers and agri-entrepreneurs – accessing essential financial aid. The Krishi Vahaan and Farm Mechanization loans from the Bank provide a seamless term loan solution for financing various agricultural essentials, including farm machinery, implements, and transport vehicles.
Particularly noteworthy is the Krishi Vahaan loan, which covers up to 90% of the ex-showroom price of the vehicle and, significantly, requires no collateral for loans up to INR 25 lakh for farmers and up to INR 1 crore for agri-entrepreneurs. For farm machinery, loans are available up to 85% of the cost.
Commitment to Empowerment
This commitment from Bank of India underscores its dedicated effort to provide accessible and efficient financial solutions. The Bank aims to empower farmers and agri-entrepreneurs, enabling them to navigate the challenges of modern agriculture with confidence. Additionally, this initiative aligns with and supports Prime Minister Narendra Modi’s vision to increase farm income and enhance productivity. It represents more than just a financial offering; rather, it's a significant step towards a more prosperous agricultural future.
Standout Features of Krishi Vahaan & Farm Mechanization
What sets these schemes apart are the tangible benefits they offer farmers and agri-entrepreneurs. From no hidden charges to a straightforward documentation process, these loans are customized for maximum convenience, boasting a simplified application process and quick disbursal.
Krishi Vahaan – Key Features
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Attractive interest rate
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Loan available up to 90% of the ex-showroom price of the vehicle
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No collateral for loans up to Rs. 25.00 lakh for Farmers
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Hassle-free documentation
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Instant approval of the loan
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Attractive incentive/payout available for vehicle dealers under a tie-up arrangement
Farm Mechanization – Key Features
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Longer repayment terms
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Attractive rate of interest
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No collateral for loans up to Rs. 1.60 lakh
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Loan available up to 85% of the cost of new machinery
With these schemes, Bank of India continues its commitment to the agricultural sector, providing tailored financial solutions to meet the evolving needs of farmers and agri-entrepreneurs, ultimately contributing to the growth and prosperity of the agricultural community.
